$MJ - #MJ ETFMG Alternative Harvest ETF on FIRE!?ETFMG Alternative Harvest ETF
MJ tracks the Prime Alternative Harvest Index, designed to measure the performance of companies within the cannabis ecosystem.
The MJ Alternative Harvest ETF (MJ) has been rallying lately in relation to news on federal legalization and the SAFE Banking Act.
On August 30, 2023, the U.S. Department of Health and Human Services (HHS) recommended that cannabis be rescheduled from a Schedule I drug to a Schedule II drug. This is a significant development, as it would make it easier for researchers to study the medical benefits of cannabis and for businesses to access banking services.
The SAFE Banking Act is a bill that would provide legal protections for banks that service cannabis businesses. This bill has been passed by the House of Representatives, but it has not yet been passed by the Senate.
The rally in MJ stock is likely due to investor optimism that federal legalization and the SAFE Banking Act are both becoming more likely. However, it is important to note that there is no guarantee that either of these bills will be passed.
In addition to the news on federal legalization and the SAFE Banking Act, there are other factors that could be contributing to the rally in MJ stock. These factors include:
The growing popularity of cannabis for medical and recreational use.
The increasing number of states that have legalized cannabis.
The growing global market for cannabis.
It is important to do your own research before investing in MJ stock or any other cannabis-related investment and this information is not investment advice.
The cannabis industry is still in its early stages of development, and there is a lot of uncertainty about the future.
However, the potential rewards could be significant if the industry continues to grow.
GANN FAN display showing angle resistance and possible support/resistance flip at $4 USD. Next long target $8.
Good luck and always trade responsibly!
